Horizon Global (HZN) Misses Q4 EPS by 80c

Horizon Global (NYSE: HZN) reported Q4 EPS of ($1.24), $0.80 worse than the analyst estimate of ($0.44). Revenue for the quarter came in at $142.3 million versus the consensus estimate of $142.39 million.

Fourth Quarter Highlights

• Successful amendment of our ABL to stabilize liquidity and support future operating flexibility
• Net sales of $142.3 million; increase of $4.5 million, or 3.3%, over prior-year comparable period
• Operating loss of $33.7 million, or (23.7)% of net sales; improvement of $0.6 million over prior-year comparable period
• Net loss from continuing operations of $32.0 million; improvement of $18.1 million over prior-year comparable period
• Adjusted EBITDA(2) of $(16.5) million; down $1.2 million from prior-year comparable period

“Since my appointment as CEO in September 2019, I am encouraged by the progress we have made," stated Terry Gohl, Horizon Global\'s President and Chief Executive Officer. "We are executing our operational improvement initiatives across all facets of the business and we continue to identify new opportunities every day. We are moving with speed and purpose to improve our underlying operations and service to our customers. We expect that our progress will result in substantially improved margins and free cash flow, and, importantly, create value for our shareholders in 2020 and beyond."

Gohl added, "Horizon Global undertook a competitive process to refinance our ABL. The process demonstrated significant lender confidence in our operational improvement initiatives plan and the operating and financial results that we expect to deliver. On March 13, 2020, The Company entered into an agreement with Encina Business Credit, LLC that will provide the Company with the liquidity and financial flexibility necessary to drive our operational improvement initiatives in 2020."

Gohl continued, "I am also pleased to announce the appointment of Dennis Richardville as our Chief Financial Officer. Dennis is a proven leader with extensive automotive experience. Dennis was instrumental in the success of our recent refinancing and we look forward to his significant contribution to our short- and long-term strategic initiatives."

For earnings history and earnings-related data on Horizon Global (HZN) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Zeo Energy Corp (ZEO) Misses Q2 EPS by 7c